What experts say Hong Kong gets right and wrong in plan to tap ‘silver economy'
Hong Kong's plan to tap the multibillion-dollar 'silver economy' and bolster elderly residents' spending power requires measures that will increase their participation in the workforce and give them more income, such as a flexible retirement age and better medical insurance, analysts have said.
Advertisement
The government on Tuesday announced 30 measures aimed at reaping the economic rewards of the ageing population.
Deputy Chief Secretary for Administration Warner Cheuk Wing-hing outlined five key areas his new working group would tackle: boosting consumption, developing industries tied to the silver economy, promoting quality assurance of 'silver products', enhancing financial arrangements for the demographic and unleashing the productivity of older residents.
Elderly women play cards in To Kwa Wan. According to authorities, the spending by people aged 60 and above reached about HK$342 billion in 2024. Photo: Sam Tsang
'As the population ages, the elderly are becoming healthier and wealthier,' Paul Yip Siu-fai, a professor at the department of social work and social administration at the University of Hong Kong, said. 'Providing more preferential offers to them will help drive the silver economy.
'This should be done, but it remains to be seen whether the measures are enough.
More needed to be done to spur the overall growth of the market surrounding the needs of the elderly, he added.
Advertisement
The number of people aged 65 and above in Hong Kong is expected to increase from 1.64 million in 2023 to 2.67 million in 2043, accounting for about 35 per cent of the population, according to official projections.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
HKFP
4 hours ago
- HKFP
Pride Month: Celebrating equal love in Hong Kong is no brainer
The clock is ticking. In just four months, the Court of Final Appeal's order requiring the Hong Kong government to implement a framework for the legal recognition of same-sex relationships will hit its deadline. The government now must make a choice: either come up with a complex new legal framework from scratch or take the straightforward, proven path that nearly 40 jurisdictions around the world have already taken. That path is the inclusion of all couples in marriage. With nearly 25 years of worldwide experience to draw from, the lesson is clear: equal marriage is the only fair, simple and equitable solution. Marriage can offer same-sex couples the clarity, dignity and full protection they deserve – and the social harmony that Hong Kong values. Only ending the denial of marriage will settle the debate. The evidence is compelling: inclusive societies attract talent, investment and tourism. Thailand's recent legislation to include same-sex couples in marriage has been hailed as a favourable advance with substantial economic implications. According to a recent study, equal marriage could bring an additional four million visitors to Thailand per year, generating roughly US$2 billion (HK$5.7 billion) in added economic value over the next two years. Tourism is a key pillar of the Hong Kong economy. As the city strives to recover from the Covid-19 pandemic and reaffirm its status as a global hub, embracing equal marriage would send a powerful message: that Hong Kong is open and future-oriented. And beyond tourism, the simple inclusion of same-sex couples in marriage will make it easier for businesses to thrive. The case for marriage equality, of course, is not just about economics; it's also a matter of public health. Research from around the world has shown that equal marriage leads to better mental and physical health outcomes. It reduces the stress, anxiety and depression that arise from institutional discrimination and social exclusion. Most strikingly, jurisdictions that have ended marriage discrimination have reported significant drops in suicide attempts among LGBTQ+ youth – a powerful reminder that dignity and legal recognition can save lives. A government survey released five years after Taiwan legalised same-sex marriage in 2019 – the first in Asia – showed that the legislation had a positive impact on public attitudes. More than 69 per cent supported equal marriage in 2024, up from 60.4 per cent in 2021 and 37.4 per cent in 2018. Equal marriage also streamlines public administration. It removes the need for parallel legal structures such as civil union, which not only create administrative inefficiencies, but also reinforce stigma by treating same-sex relationships as inferior. Opponents of change often invoke 'traditional values.' In truth, what we frequently call tradition is often more fluid than we think. In Hong Kong, Chinese customary marriages weren't abolished until 1971 – a reminder that the institution of marriage has always evolved with the times. Same-sex couples share the same aspirations as everyone else: to love, commit and care for their families. These are the values the law should protect and affirm. Today, Hong Kong is ready to welcome same-sex couples in marriage. A 2023 survey found that 60 per cent of the population supported marriage equality. Likewise, a 2025 survey revealed that 70 per cent of individuals in committed same-sex relationships expressed a strong desire to marry. The popular will is clear – it's time for the law to catch up. Fortunately for the government, the right law is also the easiest one to write. It does not need to create a new non-marriage marital status that provides legal protections and responsibilities across the hundreds of legal and economic provisions at stake – a status that will perpetuate, not end, discrimination and debate. Instead, the government can enact in effect a one-sentence change to the law, affirming the right to marry regardless of the sex of the two parties seeking to marry. The legal deadline will be met, and, more importantly, the people of Hong Kong will celebrate and move forward together, to the applause of the world. With courage and leadership, Hong Kong can become the 40th jurisdiction in the world– and the fourth in Asia – to show that families are helped and no one hurt when the law respects the dignity and inclusion of all. It's time for love to win here in Hong Kong. HKFP is an impartial platform & does not necessarily share the views of opinion writers or advertisers. HKFP presents a diversity of views & regularly invites figures across the political spectrum to write for us. Press freedom is guaranteed under the Basic Law, security law, Bill of Rights and Chinese constitution. Opinion pieces aim to point out errors or defects in the government, law or policies, or aim to suggest ideas or alterations via legal means without an intention of hatred, discontent or hostility against the authorities or other communities.
South China Morning Post
5 hours ago
- South China Morning Post
As Hong Kong's financial sector soars, what about food and retail?
Hong Kong is at risk of splitting up into two economies. On one end, Hong Kong's financial, professional and business services are being revived on the back of China's resurgent, tech-driven economy and the shifting balance of power between Washington and Beijing. Credit rating downgrades , poor responses to auctions of US Treasuries and slower growth as predicted by the World Bank – lowered to 1.4 per cent in June from 2.3 per cent in January – have sent the mighty US dollar on a downtrend and a flight of capital to Asia for better returns. Hong Kong's stock market is positioned in the right place at the right time. As tariff chaos and policy flip-flops erode the US' credibility and moral standing, China has emerged as an oasis of certainty in an increasingly volatile and dangerous world. The mainland's use of Hong Kong as a platform for its new tech champions to raise funds and connect with global markets has fuelled the city's return to its role as one of the world's top fundraising venues. More than 100 enterprises – including leading companies from the mainland – are said to be in line for public listing on Hong Kong's stock exchange. The Hang Seng Index is up 15 per cent in the first quarter of this year, building on a surge of over 17 per cent in 2024. State policies aimed at maximising the use of Hong Kong's internationally connected financial and capital markets have helped, but local officials have not sat on their hands either. Taking advantage of the city's reformed legislative system, the government has taken action to bolster Hong Kong's position as a global financial hub.
South China Morning Post
5 hours ago
- South China Morning Post
China's property slump drives Hong Kong investors to Japan, aided by yen weakness
Global investors, including those based in Hong Kong, are channelling their funds into Japan's residential property market as returns from assets in mainland China sag in the midst of a four-year slump, according to market consultants. They ploughed in US$11.2 billion of capital into Japanese real estate in the first quarter, or 6 per cent above the five-year average, according to data compiled by Colliers, making it the fifth largest recipient globally. Investors from the US, Singapore and Hong Kong were the top three contributors to the inflows, it said. Even investors from mainland China are looking east: they poured US$1 billion into Japanese real estate in the same period, more than double the five-year average of US$428 million. In the residential sector, local and foreign funds spent US$1.2 billion in the first quarter, a 16 per cent increase from a year earlier, according to JLL. 'Hong Kong investors have traditionally focused on China, but the collapse of the Chinese real estate market has redirected capital flows towards more stable markets such as Japan and Australia,' said Masahiro Tanikawa, head of investment services at Colliers Japan. Both countries 'offer a deep and liquid multifamily investment market – one of the largest in the Asia-Pacific region', he added. Investors are turning away from mainland China, where a debt crunch has persisted since 2020 and new home prices have slumped for 24 consecutive months. The pivot coincided with the slide in the Japanese currency, which bolsters the appeal of local assets to foreign funds. 02:28 Japan to release emergency rice stocks as prices soar Japan to release emergency rice stocks as prices soar The yen has weakened about 1 per cent against the US dollar over the past month, taking its cumulative depreciation to 9 per cent over the past 12 months. Inflation was 4 per cent in January, a two-year high, before easing to 3.5 per cent last month.
